U.S. stock futures are pointing higher ahead of today's release of key inflation data, which is expected to show prices ticked higher in August; Oracle (ORCL) shares are rising further in premarket trading after skyrocketing Wednesday; buy now, pay later firm Klarna (KLAR) shares are pulling back after jumping in their debut yesterday; and meme stock Opendoor Technologies (OPEN) is surging after the firm names a Shopify (SHOP) executive its new CEO. Here's what investors need to know today.
1. US Stock Futures Point Higher Ahead of Inflation Data
U.S. stock futures are pointing higher ahead of today's closely watched inflation data. Nasdaq and S&P 500 futures are up 0.3% and 0.2%, respectively, after each index registered a fresh record closing high Wednesday. Dow Jones Industrial Average futures are up 0.2% after the blue-chip index declined by 0.5% yesterday. Bitcoin (BTCUSD) is rising to trade above $114,000. The yield on the 10-year Treasury note is little changed. Oil and gold futures both are lower.
2. CPI Data Expected to Show Inflation Accelerated in August
The Consumer Price Index is expected to show that the inflation rate moved higher in August when that report is released at 8:30 a.m. ET. Economists surveyed by Dow Jones Newswires and The Wall Street Journal project that the CPI report will show that prices in August rose by 2.9% over the past 12 months, up from 2.7% in July. That would mark the highest annual inflation rate since January. Yesterday, the Producer Price Index reading for August ticked 0.1% lower when a rise of 0.3% was expected. The CPI report will be closely watched by Federal Reserve officials, who are considering lowering interest rates at the central bank's meeting next week.
3. Oracle Stock Adds to Gains After Skyrocketing Wednesday
Oracle (ORCL) shares are rising a further 2% in premarket trading after soaring 36% Wednesday—their best day since 1992. The stock's blistering gains on strong AI demand has analysts racing to raise their price targets—with most expecting its record run isn't over yet. Oracle also was supported by a The Wall Street Journal report that OpenAI had contracted the company for $300 billion in cloud services over the next five years.
4. Klarna Stock Pulls Back After Soaring in Debut
Shares of buy now, pay later firm Klarna (KLAR) are pulling back somewhat in premarket trading, a day after jumping nearly 15% in their debut on the New York Stock Exchange. Klarna shares opened trading yesterday at $52, well above their their initial public offering price of $40, and rose above $57 before closing at $45.82, giving the company a market capitalization of more than $17 billion. Klarna shares were down 2% about 90 minutes before the opening bell.
5. Meme Stock Opendoor Surges as Firm Names Shopify Executive New CEO
Opendoor Technologies (OPEN) shares are soaring about 35% in premarket trading after the online housing platform tapped Kaz Nejatian, the chief operating officer at Shopify (SHOP), to be its new CEO. The company also said co-founders Keith Rabois and Eric Wu would be returning to the board, effective immediately, with Rabois taking on the role of chairman. Opendoor shares have surged since July as retail investors have piled into the meme stock. Opendoor shares ended June trading at $0.53 each but entered Thursday at $5.86.
